Hours after the House of Representatives passed the bill, the senate voted 60-38 for the compromise bill.
But Democrats who control congress failed to win over many Senate Republicans, dashing Obama's hopes the economic package would win broad bipartisan support.
The bailout package that was reduced from $937 bn to $787 bn, aims at cutting taxes for US middle class and aim for more construction projects and create up to 4 million new jobs.
There were criticisms from most republicans and some moderate democrats stating that the tax cuts were not enough to boost economy.
Obama had urged the Democratic-controlled congress to pass the stimulus bill before the end of the coming holiday weekend so he can sign it into law.
OneIndia News (With inputs from Agencies)